Specialist lender announces soaring revenues and profits

Bath business lender Time Finance saw a sharp rise in revenues and profits over the last 12 months.

The company has issued a positive trading update for the last 12 months.

The AIM listed firm said it delivered significant increases across its key performance indicators, with revenue and profitability ahead of market expectations.

Time said the results reflect the continued success of the company’s strategic focus on own-book lending to UK businesses.

The strategy has seen the lending book reach an all-time high of around £200m.

There was a  20 per cent increase in revenue to £33 and  a 38 per cent increase in profit before tax to £5.8m.

The increase in revenue has been primarily driven by the growth in both the Invoice Finance division and the Hard Asset subset of the wider Asset division.

They are both areas which operate in the larger-ticket, more secured lending space, and they now make up over 75 per cent of the group’s entire lending book.

Chief executive Ed Rimmer said: “I am delighted to provide this trading update in respect of Time’s full-year results which clearly demonstrate the ongoing success of the Group’s strategy.

“To have delivered such growth, despite wider macroeconomic headwinds, is testament to the hard work of our team, to the clear focus on our strategy and the strong demand for finance from UK businesses which continue to prove remarkably robust.

“What is especially pleasing is that the performance is based on maintaining appropriate margins, underwriting robustly and in keeping a wide spread of risk. As a result, I am confident the group is well positioned for future growth and in delivering further increased shareholder value.”